讲座题目：Expectations of Supply Chain Disruptions, Inventory, and Cash Holdings

主讲人：冯绪

时  间：2025年12月8日（星期一）上午9:30-11:30

地  点：创新港涵英楼经济金融研究院8121报告厅

报告人简介：

冯绪，天津大学管理与经济学部教授，博导，入选国家级青年人才计划。研究方向为金融工程、金融文本分析、人工智能与金融。论文发表在Journal of Management Information Systems、Journal of Money, Credit and Banking、《管理科学学报》《管理世界》等国内外期刊。担任《管理科学学报(英文版)》协调编辑、Finance Research Letters副主编。担任中国系统工程学会青年工作委员会副主任委员、中国系统工程学会金融系统工程委员会秘书长等职务。

摘  要：

This paper theoretically and empirically examines the trade-off between cash and inventory in response to supply chain risks. By leveraging exogenous shocks to firms’ expectations of supply chain disruptions, we find that firms anticipating disruptions to critical inputs increase inventory while reducing cash holdings. Conversely, for goods with high depreciation rates, firms decrease inventory and increase cash. These findings highlight how expectations shape decisions between financial flexibility and operational buffering, offering valuable insights for firms seeking resilience amid ongoing global uncertainty.